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The IoT (Internet of Things) is practically everywhere, transforming how we work, live, and interact daily with technology. Research shows that global sales of this technology in 2017 exceeded $100 billion. It is estimated that this amount will reach or even exceed $1.6 trillion by 2023.
An IoT network involves sensors carefully built into a collection of internet-enabled devices that gather and share data. IoT has brought together software and hardware to create a more technologically advanced environment for enhancing communication and other aspects such as artificial intelligence, security, etc.
The Internet of Things (IoT) is an extensive system of interconnected electronic devices that exchange data and information via the web. This excludes traditional computers, including laptops and servers. Its impact will be felt in the following ways:
The growth of IoT is phenomenal, with the market having an incredible compound per annum growth rate of 24.7 percent. As a result, big-name organizations such as Cisco, Apple, Google, Dell, Microsoft, and Facebook, among others, are investing heavily in IoT-based applications and solutions.
These organizations don't let up as they increasingly adopt disruptive technologies currently driving the global IoT market. Every year, the demand for advanced technologies such as artificial intelligence and cloud computing keeps fueling the IoT market.
The IoT market is replete with a wide variety of useful applications for several industries, such as:
This proves that the IoT market is established and has come to stay.
According to research, the volume of connected IoT devices keeps growing daily. This development is expected to continue each year for the foreseeable future.
There are currently 7.74 billion interconnected IoT devices. Over the next seven years, there will be more than 25 billion IoT devices. This staggering figure is enhanced by 5G and other innovative technologies.
Statista has revealed the projected or estimated global IoT spending, which is currently valued at more than $1 trillion and keeps growing. This is an incredibly substantial amount.
However, IoT has clearly demonstrated the unique potential of saving us lots of money. For instance, driverless vehicles generate more than $5 trillion in savings globally. Even IoT agricultural technologies are on the path to cutting food prices by almost half come 2050.
Nearly 75 percent of brand-new vehicles come equipped with innovative built-in IoT connectivity to minimize the number of road crashes and cut down the time a vehicle spends seeking parking and in congestion.
A report from Microsoft states that almost 100 percent of all companies will use one form of IoT technology or the other in the coming years.
Core IoT industries include:
These industries will leverage IoT technology to create and introduce new consumable products, solutions, and applications.
Some IoT business adopters have corroborated this claim that IoT has been crucial to their business success.
Smart cities are those that creatively make use of IoT sensors to garner data and generate high-quality insights for better management. This is already an incredibly huge market, but the signs that it will continue to grow are good and promising.
Some of the cities that have implemented unique IoT-driven applications include:
Even in 2018, a handful of IoT projects were already within the 'smart city' segment. In addition to the new cities that will soon be added to that category in 2023 and beyond, the cities mentioned above will continue to use IoT-based solutions such as smart meters, etc.
The smart city solutions market is projected to grow to almost $1.1 billion in investment beyond 2022.
Many businesses and individuals are adopting smart devices as a reliable means of accessing IoT technology. These numbers keep growing every year. Research shows that more than 26 billion active devices based on the Internet of Things are already connected.
Businesses are responsible for more than 57 percent of overall IoT spending. More people – i.e., more than two-thirds of global consumers – are purchasing IoT devices or applications for their homes. This shows consumer IoT as the third largest industry in IoT spending.
According to Gartner, data is the fuel powering IoT. Therefore, the abilities of organizations to derive meaning from it will significantly define their long-term success.
Artificial intelligence is currently applied to many IoT applications, including speeches, videos, network traffic activity, still images, and sensor data.
Many IT vendors will continue investing heavily in artificial intelligence and its variants as new AI-based services and tools emerge. As a result, more IoT-based tools will be produced to exploit artificial intelligence adequately.
The advent of remote patient IoT–based monitoring devices significantly improved access to and ownership over personal health data.
Innovation is expected to continue in this space as it will help minimize extended hospitalization due to its profound impact on healthcare providers. It will also enable swift access to patient data and better patient care.
According to in-depth research, this IoT-based market is expected to grow from the current $30 billion mark in 2022 to over $100 billion by 2028.
IoT software and sensors are just like vehicles with no engines. The smartness of the software behind the IoT sensor significantly impacts the power it wields. The potential of IoT sensors in property technology is already established, especially regarding the sensors' impact on work as well as the everyday lives of users.
Experts claim that this remarkable technology will predict the future, showcasing issues like elevators that are precisely where they are expected to be, room-cleaning at the scheduled time or period, lighting and temperature maintaining their optimal settings, etc.
This remarkable voice assistant from Amazon remains one of the most impactful IoT-based devices today. This voice assistant has undergone explosive user adoption within the last few years, and there's no sign this will slow down soon.
This is also one of the major indicators that several home-based IoT-powered devices will hit the market soon and achieve considerable market adoption by 2023.
The IoT industry/market is a force to reckon with as it has successfully disrupted many industries. The IoT market will continue to grow astronomically as more and more IoT solutions are created for consumers to adopt in every sphere of life.
